We have just returned from another exciting FUN show. For starters the show must occupy the space of at least two football fields and it seems much larger! Hundreds of dealers were set up with varied and interesting displays of coins. Each day collectors clogged the aisles making new friends and renewing old friendships while in pursuit of their next acquisition. Heritage offered a wide selection of coins in a series of auctions that included several great rarities. PCGS held an enjoyable Registry luncheon that was well-attended by many old friends. It is official – the New Year kicked off in style with another great FUN show!

Don Willis President, PCGS

Survey QuestionSponsored by L&C Coins

Which of these ‘addictive’ characteristics, if any, do you demonstrate as it relates to coin collecting?

Obsession with collecting on a daily or weekly basis

Use of collecting to cope with stressful circumstances

Intense feelings of euphoria or excitement when adding to collection

Buying unnecessary coins

I don’t demonstrate any of these characteristics

Participate in the PCGS eCollector Survey and you could win a
1932 Quarter PCGS XF45.

All of us face challenges in life, and people involved in the coin market are no different. In this issue, Price Guide Editor Jaime Hernandez explains an addiction that he has been struggling with for years. He explains some of the characteristics of addiction and shares some of his own personal experiences and advice.

PCGS has announced the creation of a new, anti-counterfeiting 3D security hologram for PCGS holders. The addition of the prominent, high-tech emblem is part of the ongoing, aggressive efforts by PCGS to combat the global proliferation of counterfeit coins.

Are you looking for a new and unusual item to collect? This installment highlights an unusual group of coins produced by an entrepreneurial fellow named Joseph Lesher in the early 1900s. The story starts with a silver mine in Victor, Colorado, where Lesher extracted quantities of the precious metal and needed an outlet to help cash it in.

His solution was to coin the silver into one-ounce medals in an octagonal shape (to avoid any confusion with U.S. mint-made coins). The first versions, minted in 1900, were rather plain affairs, with lines of text on both sides indicating that they could be exchanged for currency, coin, or merchandise in the value of $1.25 – presumably the value of one ounce of silver.

In 1901, Lesher came up with the bright idea of offering the coin to other merchants in town. The merchants could buy as many as they wanted, Lesher would add the merchant’s name to the die, stamp out the requested quantity of coins, then add a serial number to each coin for record-keeping purposes. The second versions were much more attractive than the first: the front of the coin showed an image of mining operations scattered among three mountain peaks with the caption “Pikes Peak Silver Mint”; likewise, the reverse was much more professional than the earlier version and included a shield of sorts bearing mining and Masonic references. The merchant who purchased more Lesher Dollars than any other was A.B. Bumstead – his are the most common of the Lesher Dollars today.

In 1901, Lesher offered a generic version of his coin, this time with a stated face value of $1 (apparently, the price of silver had declined). These versions look very similar to the Bumstead type, but the lower obverse field was left blank. Thus, when a merchant ordered some of Lesher’s Dollars, he would simply stamp their name into the field, saving himself the expense of creating new dies for each individual merchant. Most of these are scarce, and certain merchant’s names are very rare.

The easiest way to collect Lesher Dollars is by type. PCGS CoinFacts offers a complete listing of known types, which can be used as a checklist. More ambitious collectors attempt to obtain as many different serial numbers as possible.

PCGS announces Crossover Special and Collectors Education Program for the Long Beach Expo

PCGS will offer a risk-free Crossover special during the Long Beach Expo (Jan 31 – Feb 1) where collectors can submit non-PCGS graded coins for crossover to PCGS holders. Also, PCGS will continue its Collectors Education Program during the show, offering Coin Grading 102 and 103 on Saturday, February 1st.

The Goldbergs Acquire the Del Valle Collection

The Goldbergs have acquired the Del Valle Collection of Important U.S. Gold coins, to be added to their January 26-29, 2014 Pre-Long Beach Auction.